9. INSURANCE

 9.1 INSURANCES:

 (a) Lessee shall, at its own expense, maintain in full force
 during the Lease Period insurances in respect of the Aircraft
 in terms, amounts, form and substance customarily maintained
 by similar carriers operating similar aircraft in similar
 circumstances otherwise satisfactory to Lessor (acting
 reasonably) complying with the requirements of this Clause 9
 and Schedule 4 (the "Insurances", which expression includes,
 where the context so admits, any relevant re-insurance(s));

 (b) The Insurances shall be effected through such brokers and with
 such insurers (in each case which are properly licensed and
 are operating in

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 accordance with Panamanian law), and shall be subject to such
 deductibles and subject to such exclusions, as may (in each
 case) be indicated in Schedule 4 or otherwise satisfactory to
 Lessor; and

 (c) The Insurances shall be effected either:

 (i) on a direct basis with insurers of recognized standing
 who normally participate in aviation insurances in the
 leading international insurance markets and led by
 reputable underwriter(s) satisfactory to Lessor, acting
 reasonably (and for such purposes Lessee's current lead
 underwriter is deemed to be satisfactory to Lessor); or

 (ii) with a single insurer or group of insurers approved by
 Lessor who does not fully retain the risk but effects
 substantial reinsurance with reinsurers in the leading
 international insurance markets and through brokers each
 of recognized standing and acceptable to Lessor for a
 percentage acceptable to Lessor (acting reasonably) of
 all risks insured (and for such purposes Lessee's
 current lead underwriter is deemed to be acceptable to
 Lessor).

 9.2 REQUIREMENTS